Ace sees floods wash away $90m (£56m)

Ace expects the recent flooding across central Europe to strip about $90m out of its third quarter operating income.

The figure includes flood losses in France and takes into account recent increases in the sum expected to be lost by the insurance industry as a whole.

Ace lost through claims on its direct policies and reinsurance treaties.

The company's next quarterly financial figures are due to be released on 29 October.